EX-12.1 4 h45050exv12w1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w1
 

Exhibit 12.1
CARDTRONICS, INC. AND SUBSIDIARIES
RATIOS OF EARNINGS TO FIXED CHARGES
(in thousands)
                                         
    Years ended December 31,  
    2006     2005     2004     2003     2002  
EARNINGS:
                                       
(Loss) income before income taxes and cumulative effect of accounting changes
  $ (19 )   $ (3,688 )   $ 9,381     $ 5,288     $ 138  
Minority interests
    (225 )     15       19              
Fixed charges (as outlined below), less preferred dividends and accretion expense (a)
    26,914       20,202       8,072       4,098       1,913  
     
Total earnings, as defined
  $ 26,670     $ 16,529     $ 17,472     $ 9,386     $ 2,051  
 
                             
 
FIXED CHARGES:
                                       
Interest charges (b)
  $ 25,072     $ 22,426     $ 5,235     $ 2,157     $ 1,039  
Less: write-off unamortized debt issuance costs (c)
    (534 )     (5,038 )           (13 )     (169 )
Interest component of rental expense
    2,376       2,814       2,837       1,954       1,043  
Preferred dividends (d)
          1,770       3,735       3,314       2,888  
     
Total fixed charges, as defined
  $ 26,914     $ 21,972     $ 11,807     $ 7,412     $ 4,801  
 
                             
 
Ratio of earnings to fixed charges
  N/A     N/A       1.5 x     1.3 x   N/A  
Amount of earnings insufficient to cover fixed charges
  $ 244     $ 5,443                 $ 2,750  
 
(a)   Excludes preferred dividends and accretion expense as such amounts were not deducted in arriving at the (loss) income before income taxes amounts reflected above.
 
(b)   Includes the amortization of debt discount and the amortization and write-off of debt issuance costs.
 
(c)   Amounts included in interest charges line item above. As such, it is backed out separately from the computation of fixed charges.
 
(d)   Amounts have been grossed-up at the Company’s effective tax rate for each applicable period.